Two things continuing buyback would do.
1.) Put a floor under the stock and give some investor's confidence to buy more of the stock.
2.) Fulfill the management promise to buyback shares. .
Globalstar? Is that the satellite company whose share price keeps going down? Loses $100 million dollars a quarter on $20 million of sales? Has a billion shares outstanding? They aren't going anywhere.
Because the bank is not in charge of the company. They have leverage over the company, and could theoretically pull the debt, but they aren't authorized to sell the company. The company would then go into bankruptcy and the bank would have to abide by the decisions of the bankruptcy court.
Almost all debt is tied to financial covenants. No bank pulls the plug on $700mm of debt, due to a technical default, for which there is none. Then all companies with debt are inherently bankrupt.
There is nothing in the numbers that suggests anything near bankruptcy, and I don't see the need for dilution anytime this year. When share price gets pounded, it sure feels like the company is going down, but the numbers do not say that.